Analytical Instruments Market Size, Share, Growth, Trends, and Global Industry Analysis: By Product (Instruments, Services, Softwares), By Technology (Spectroscopy, Chromatography, Particle Analysis, Polymerase Chain Reaction & Others), By Application (Life Sciences Research and Development, Clinical and Diagnostic Analysis, Food and Beverage Analysis, Forensic Analysis, Environmental Testing & Others), and Region, Forecast 2019-2030.

Analytical Instruments Market size was valued at US$ 45,938.2 million in 2023 and is projected to reach value of US$ 61,270.0 million by 2030, at a CAGR of 4.2% from 2024-2030. The market is the industry that produces and supplies instruments used to analyse the physical, chemical, and biological properties of substances. These instruments are used in many fields, including pharmaceuticals, food and beverage, environmental testing, and academic research. The growth drivers of market are rising demand for analytical instruments in the pharmaceutical and biotechnology industries and increasing prevalence of chronic diseases is boosting the use of analytical instruments in diagnostics and clinical laboratories.

However, some factors which restrain the growth of the market are high cost of instruments, the requirement of highly specialized skills to operate, analyse data, and maintain equipment. Additionally, the emerging opportunities of market are use of analytical instruments in the food and beverage industry, increase in demand to use analytical instruments in the water and wastewater treatment sector. Furthermore, the key trends of market are increasing demand for personalized treatments, adoption of AI and machine learning in data analysis which interpret accurate and faster results 

Key Players

The analytical instruments market share inclusive of several companies such as Thermo Fisher Scientific, Inc., Waters Corp., Shimadzu Corp., Danaher, Agilent Technologies, Inc., Bruker Corp., PerkinElmer, Inc., Bio-Rad Laboratories, Inc., Illumina, Inc., and others.

Key Takeaways

• North America market expected to generate largest share over the forecast years 2024 - 2030.
• The Asia pacific market is expected to grow at highest CAGR from 2024 to 2030.
• By product, the instruments segment dominated the market in 2023.
• By technology, the polymerase chain reaction segment accounted to have largest share in 2023.
• By application, the life science research and development segment expected to dominate the market over the future years.

Facts & Figures

• In 2024, Bruker announced the timsTOF platform, a cutting-edge mass spectrometry technology intended to improve efficiency in everyday lab settings. This technology is designed to increase productivity and precision in areas including pharmaceutical research, environmental studies, and clinical diagnostics

Key Developments

In June 2024, Thermo Fisher Scientific, Inc. acquired BioAnalytica Inc., a prominent producer of advanced analytical instruments, to extend their portfolio in chromatography and mass spectrometry, thereby improving their position in the analytical instrumentation industry and growing their customer base.

Market Segmentation

By Product: in 2023, among all the products, the instruments segment is leading the market, due to several reasons like continuous advancements in technology leading to sophisticated and capable analytical instruments. Moreover, applications such as pharmaceuticals, biotechnology, environmental monitoring, food safety, forensics, and clinical diagnostics are a few of the major applications that the instruments industry serves. In addition, Significant demand is generated by this diversity in a number of businesses also surge the growth of the instruments market in the future years.

By Technology: Among all the technologies, the polymerase chain reaction segment is leading the market in 2023. Polymerase Chain Reaction (PCR) is one of the most widely used techniques in the market, particularly in molecular biology, diagnostics, and research applications. PCR-based strategies have propelled huge scientific endeavours such as the Human Genome Project.

By Application: Among all the applications, the life science research and development segment is leading the market in 2023. Analytical instruments are extensively used in life sciences research and development due to factors that enhance their capability to provide critical data and insights of biological systems, drug development processes etc.